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US approves tariffs on $200 billion of Chinese imports

The Trump administration has approved tariffs on roughly $200 billion of imports from China.

According to US trade publication Bicycle Retailer, this includes about $1 billion in bike products.

The tariffs, which start at ten per cent, will come into effect on 24th September and will increase to 25 per cent on 1st January 2019.

The US administration said safety products, including bike helmets and bike lights, were among the product categories removed from the list of tariffs.

China quickly responded with the announcement that it plans to retaliate with levies on $60 billion of US goods, which will also come into effect on 24th September.

The statement from the White House announcing the tariffs said that if China takes retaliatory action against US farmers or other industries, “we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports”.

If that happens, that would raise the total to $517 billion, covering nearly everything China sells to the US.

In the statement, the President said: "As President, it is my duty to protect the interests of working men and women, farmers, ranchers, businesses, and our country itself. 

"My administration will not remain idle when those interests are under attack."

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